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Some Ways to Slash Property Taxes
If your goal is to slash property taxes, we have some ideas for you to put into practice.
In the old 1700’s days the saying was “in this world nothing is certain, except death and taxes”-Benjamin Franklin.
However, in our day, things and times have changed.Seniors are now eligible for breaks that can slash property taxes almost entirely.
File an appeal to lower your tax bill
If you are not happy with the appraisal that your local tax assessor made on your property, you are entitled to appeal it.That number that he come up with determines the market value of your home and hence your final tax bill.
If it is your opinion that it is too high, you can appeal it.
Based on statistics, it seems that you may have a good chance of succeeding says the National Taxpayers Union Foundation.
The foundation has reported that up to 60% of property is over-assessed.
Unfortunately, less than 5 percent of homeowners challenge the market value.
Apparently each local government has a different approach in dealing with appeals. In the circumstances it’s best to check with your local tax assessor’s office.
In order to win an appeal, you have to prove that the market value of your home is lower than the assessed value.
The experts recommend that you compare your home value to recent sales in your neighborhood.
Cut your taxes with exemptions
Your local government multiplies the value of your home by a predetermined rate to get the taxable value.Each tax jurisdiction has its own assessment rate.
For example, Alpharetta, Georgia takes 40 percent of the market value while Denver multiplies the value by 7.96 percent.
It’s not possible to change the assessment rate but you can attempt to knock down the value of your home. The easiest way to do this is through exemptions.
You have to apply for these deals. It may well be worth the effort because they can significantly slash your property taxes.
Exemptions are often overlooked. So check with your local assessor’s office to see what they offer.
You may be able to pair senior write-offs with special exemptions for homeowners, surviving spouses, or veterans.
Eliminate property taxes with a small investment of your time
In order to calculate your final tax bill, authorities multiply the taxable value of your home by the tax rate set by your district.
It’s still possible to knock this down further.
All it takes is to roll up your sleeves and invest a little time and effort in a program offered by your local government.
Tax work-off programs generally allow seniors age 60 and older to complete community service for a tax break.
You may put in hours at a senior center, school, library or even at the town hall.
It may be possible to know $1,000 off the tax bill.
If you apply for a senior exemption and complete a work-off program, you may wipe out the balance of your taxes for the year.
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